On the heels of a strong earnings report yesterday, Discover Financial Services’ wholly owned subsidiary Diners Club International announced a deal with Bamberg, Germany-based payment service provider Computop to increase international e-commerce merchant acceptance of Discover, Diners Club and Alliance Partner cards.
The conference agenda covers the latest in prepaid legislation, regulation, compliance and business innovation, with keynote addresses from Reps. Scott Tipton (R-Colo.) and Carolyn Maloney (D-N.Y.), and IRS Commissioner John Koskinen.
Three Democrats are asking CFPB Director Richard Corday for an overdraft exemption as the agency finalizes its prepaid rules.
In advance of the CFPB’s proposed rule on payday loans, the bureau has released a new report critical of payday lenders’ practice of debiting borrowers’ checking accounts, which often leads to overdrafts, penalty fees and account closures, while failing to actually recover payments, according to the report, which is based on data from more than 330 lenders.
The Financial Stability Council Reform Act would give Congress funding power over the Financial Stability Oversight Council and the Treasury Department’s Office of Financial Research, which keep track of financial risks and conduct other research.
Blockchain is a revolution in reconciliation but not in payments, is one of the messages coming out of the Swift Business Forum London 2016. For the sixth edition of the show, more than 1,300 delegates were rammed and jammed into Tobacco Dock, London. This morning’s (20 April) sessions were dominated by warm-up speeches that praised […]
Payments UK’s new service – Standards Collaboration Framework – offers institutions support in the implementation of industry standards. The first taker has already been onboarded. This is Faster Payments Scheme Limited (FPSL). Payments UK says the customer “will use the central, well-maintained ‘library’ to simplify how its industry stakeholders access and receive notifications about updated […]
ISO 20022 Registration Management Group, the senior global registration body, has approved the ISO 20022 message guidelines – they have now been published. The new guidelines were developed by the ISO Real-Time Payments Group (RTPG) and facilitated by Payments UK, the representative of the country’s payments industry. Payments UK describes this development as “an important […]
US-based banking software vendor, Jack Henry & Associates, is shedding its deposit automation business, Goldleaf Enterprise Payments (formerly Alogent Corporation). The buyer is Battery Ventures, a US/Israeli venture capital and private equity firm. The company is regaining is former name – Alogent. Alogent’s back office software focuses on electronically capturing, processing and analysing cheque data […]
Here are ten facts you (possibly) did not know about mobile banking. But now you do, with the help of this nifty infographics, courtesy of Shinobicontrols.
Distributed ledger specialist Digital Asset Holdings has acquired a small Swiss start-up, Elevence Digital Finance. Elevence’s niche is a modelling language for determining rights and obligations in blockchain collaboration agreements. Its takeover provides Digital Asset with a new, verifiable way for parties involved in a transaction to independently prove updates to a distributed ledger while […]
The new e-learning platform will administrate, document, track, report and deliver a broad catalogue of digital courses and social learning. It is an interactive, cloud-based service. To start with, SwiftSmart will support a subset of Swift’s existing training portfolio, which consists of 100+ courses. The full portfolio will be available by 2017. The initiative is […]
Denmark-based Nets and JCB have teamed up for Nets to use J/Speedy, JCB’s contactless technology, for Dankort payments with smartphones. Nets will launch Dankort on the mobile in autumn 2016, and JCB is also aiming to accelerate its mobile payment implementation globally using host card emulation (HCE) technology. Jeppe Juul-Andersen, SVP at Nets with the […]
Tata Consultancy Services’ (TCS) full year (FY) 2016 revenues and net profit rose – boosted by growth in its banking, financial services and insurance (BFSI) operations. Natarajan Chandrasekaran, CEO and MD, TCS, says its core portfolio “performed strongly in a seasonally weak 4th quarter driven by strong volumes led by growth in BFSI, retail and […]
The Reserve Bank of India (RBI), the country’s central bank and regulator, has set up a scheme to provide financial assistance to urban cooperative banks (UCBs) for the implementation of core banking solutions. In its First Bi-monthly Monetary Policy Statement-2016-17, the RBI will offer assistance and technology support through the Institute for Development and Research […]
As Green Dot Corp. continues to fend off criticism of its performance and leadership from activist investor Harvest Capital Strategies, the company has sent a letter to shareholders in support of a trio of incumbent board members ahead of elections at Green Dot’s upcoming annual shareholder meeting, scheduled for May 23. Meanwhile, Green Dot’s popular MoneyPak product is back with new security features.
Visa releases a “Quick Chip for EMV” software upgrade that will enable consumers to remove their chip cards from payment terminals in two seconds or less.
Real-time payments may be taking a step closer to reality in the U.S., with processor FIS and The Clearing House Payments Company aiming to pilot an initiative offering instant bill payments early next year.
The e-commerce giant takes its first foray into brick-and-mortar payments, partnering with an apparel seller to make it easier for consumers to shop online and buy inside physical stores.
Calypso Technology, a provider of treasury and capital markets (TCM) software, is to be acquired by European private equity fund Bridgepoint and global growth equity investor Summit Partners. Pascal Xatart, president of Calypso, says the deal means the “arrival of a new investor base” which will support its “growth ambitions”. The vendor has been owned […]
MasterCard, Western Union, Bkash, a mobile financial service (MFS) provider, and BRAC Bank have launched a new, international remittance receiving service in Bangladesh. The service – via Western Union’s global network – enables Bkash’s registered customers to use their mobile phones to receive remittances from abroad directly into their accounts or collected from a Western […]
FIS and The Clearing House (TCH) are preparing to launch a pilot for a “first-of-its-kind” real-time payments system in the US. The pilot will initially focus on the bill payment use case, using FIS technology and operating via the TCH real-time payments platform. Already under development, the pilot will go live in the first quarter […]
In March we celebrated the winners of the 2016 Pay Awards at All Payments Expo in New Orleans. See photos of our Best-in-Category honorees and our Industry Achievement winner.
UK-based specialist financing company, Private & Commercial Finance Group (PCFG), has concluded its software selection, Banking Technology understands. The company applied for a banking licence in 2013/14 and was known to be in system selection mode in mid-2014. The selection process was run by consultancy firm Sofgen. Banking Technology understands that it has now finalised […]
As I waited today for the barista to fill my coffee order I picked up the local newspaper; jumping right off the page was the headline, “9 Businesses that are still cash only”! (This was a reference to an article by Laura Woods on the Go Banking Rates website on 2 April 2016.) Of course, […]
The Reserve Bank of New Zealand (RBNZ), the nation’s central bank, has chosen Italian payments company SIA to implement and support a new real-time gross settlement (RTGS) system. The new system will replace the current exchange settlement account system (ESAS). It will be delivered by SIA’s subsidiary Perago, based in South Africa. Perago is a […]
With the CFPB expected to release its long-awaited final rule on prepaid accounts sometime in the coming months, industry experts peered into their crystal balls last week during a panel discussion at Card Forum in Los Angeles, delivering predictions about the timing and potential effects of the looming regulation.
New mobile-wallet offers are blooming like spring flowers as industry players try to attract more consumers to the fledgling payment method, which represents only a speck of U.S. retail spending.
Mobile wallets could be a vulnerable target for fraud, and concerns over wallet security could inhibit adoption, especially among certain consumers segments, a new report warns.
Singapore-based Maybank Private Wealth has gone live on Avaloq’s core banking platform, Avaloq Banking Suite. The project dates back to autumn 2014, when the deal between the two parties was signed. Alvin Lee Han Eng, head of private banking at Maybank Private Wealth, is complimentary of the project team, describing it as “professional and competent […]
The country’s central bank hires Italy’s SIA to set up a real-time gross settlement system. The move represents the lastest development in the global effort to implement faster payment systems.
Financial systems vendor Infosys has revealed its revenue for the full year (FY) 2016 of $9.5 billion, an increase of 9.1% in US dollar terms; and 13.3% in constant currency terms. Q4 revenue was $2.4 billion – a rise of 1.6% quarter on quarter in US dollar terms, or 1.9% in constant currency terms. For […]
Switzerland’s new real-time gross settlement (RTGS) system, SIC (SIX Interbank Clearing), is now live – opening the way for ISO 20022 usage. The new RTGS platform, SIC4, was introduced with the euroSIC system on 16 April 2015. The new SIC system went live on 14 April. With SIC up and running, migration to the new […]
The new partnership between private banking software vendor ERI and tech consultancy firm Capgemini will see the launch of a shared services centre for private banks and wealth managers in Europe. ERI will provide its flagship core banking system, Olympic, whilst Capgemini will bring to the table its expertise in infrastructure and application management services […]
Doing more with less is an important goal for any business. In the world of banking, an increasingly complex market is driving firms to uncover new ways to deliver cost efficiencies, writes Peter Gould, associate partner at Orbium. Growing competition from specialist providers continues to disrupt the traditional banking model. These firms are using new […]
Canada’s Scotiabank named key components of its technology and operations strategy at the recent annual meeting of shareholders. These (unsurprisingly) focus on digital transformation, technology investment and the simplification of its organisational and operating models, as the nature of work and roles change. Brian Porter, president and CEO of Scotiabank, said that “a comprehensive change […]
CIMB Group is celebrating the completion of a major core banking project – to unify its regional operation on a single platform, One Platform (1P). The project spans four countries: Malaysia (where the group’s headquarters are based), Indonesia, Singapore and Thailand. Silverlake Axis, Accenture, IDS Scheer and IBM were the main technology partners. Silverlake’s core […]
US-based developer of CRM and BPM software, Pegasystems, has acquired OpenSpan. The acquisition, says Pegasystems, “brings robotics, analytics and case management together to enable more productive employees and better customer experience”. OpenSpan, based in the US state of Georgia, specialises in robotics process automation and workforce analytics software. The company says it is currently running […]
New Zealand’s central bank, Reserve Bank, is implementing Numerix’s Oneview for trade valuation and risk management analytics. The system will support risk pricing and risk analytics, market standard trade valuation, and position and collateral management. “We are improving our technology and analytics capability in our domestic and foreign market operations,” says the bank’s deputy governor, […]
Luxembourg-based Nomura Bank has singed a “large additional licence agreement” with investment software specialist Simcorp, according to the vendor. The bank went to market looking for a new software provider but concluded that staying with Simcorp would be the best option. The two companies have been working together since 2009. Simcorp’s CEO, Klaus Holse, comments […]
